Bridging in 5 days to purchase a mixed-use property

Roma Finance acted quickly to deliver bridging finance for a customer who had been let down by another lender who took too long to issue terms and instruct legals and the valuation.

The borrower required the funding to purchase a mixed-use property in Birmingham comprising a ground floor commercial unit with a flat above, both in need of refurbishment. However, as the borrower is an experienced builder they will carry out the works and already has tenants lined up for both units.

The enquiry came from Castlehill Capital on a Monday morning and Roma issued and secured a DIP for the borrower by 2pm the same day.

The lawyers were able to complete the necessary paperwork and the loan was ready to drawdown just five minutes before the borrower’s deadline of 12pm on the Friday.

Roma Finance provided the £86,000 bridging loan with a term of 12 months at 70% LTV. The exit will be refinancing onto a longer term commercial mortgage.

Sean Robertson, lending director at Castlehill Capital, said: “The speed with which Roma Finance was able to put all the necessary requirements in motion was astonishing. The real game-changer was getting its BDM to prioritise the case and drop everything and head to Birmingham the next day to get the client’s application completed.”

George Tuffin, BDM at Roma Finance, commented: “Roma prides itself on being able to deliver on what it says it will and to lend with integrity. As the deadlines were extremely tight, having a great relationship with Sean at Castlehill enabled us to have clear direction from the outset. As we title insure most of our loans, our streamlined legal process ensured all parties were working to the same deadline for the borrower.”

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